In their press release published Feb. 22, Porsche stated that the company is “the first automobile manufacturer to implement and successfully test Blockchain in a car.”

Possible applications for Blockchain technology range from locking and opening car doors via an app, with the possibility for temporary access authorization, to new and improved business models through encrypted data logging. Porsche also stated that Blockchain technology could be applied in further improving the safety and capabilities of driverless cars.

Financial strategist for Porsche, Oliver D?ring, is convinced of the tremendous potential of Blockchain technologies:

“We can use Blockchain to transfer data more quickly and securely, giving our customers more peace of mind in the future, whether they are charging, parking, or need to give a third party, such as a parcel delivery agent, temporary access to the vehicle. We translate the innovative technology into direct benefits for the customer”, D?ring states in the press release.

According to Porsche, Blockchain features could speed up the process of opening and locking the car with an app by 6 times. This is made possible when “the car becomes part of the Blockchain, making a direct offline connection possible – that is, without diversion through a server”. Current approaches still require an online connection and the alignment of the car’s data with its server-stored equivalent.

Other companies in the automotive industry are also experimenting with the application of Blockchain technology. For example, the supplier ZF, the bank UBS, and the software giant IBM are working on a so-called "Car eWallet", which could enable secure transactions at charging stations, in multi-story car parks, and at toll stations.